Now let’s look at the legal ramification on the purchase of a condominium. Let’s say you have look through multiple toronto condos and finally decided to make a purchase. When you buy the condo, you are really buying into two things. The first is the actual individual unit, and the second is a share in the condominium corporation that manages and owns the land. Furthermore, this also includes elevator maintenance, security, parking, etc. So with that said, it is utmost important that your condominium corporation is in good standing in comparison to the individual unit you own.
If you are interested to know the status of your condominium corporation, one possible way to do is to request a piece of document called “Status Certificate”. In addition, it is also imperative to take a look at the building itself and other factors surrounding it, this is often called the “building lifestyles”. There are number of ways to determine the building lifestyle of a condo, and here are a few to consider: amenities, location as well as mix of owners.